If a country's population increases while the supply of farmland is fixed, then farmland prices will most likely
A) decrease because people spend more money on food and have less to spend on rent
B) increase because the marginal revenue product of food decreases
C) decrease because farmers must cultivate less productive foods such as potatoes
D) increase because the marginal revenue product of land increases
E) stay the same because there is no relation between farm land prices and population
Correct Answer:
Verified
Q103: Assuming a 5 percent rate of interest,
Q104: Eliminating all farm price floors would
A) raise
Q105: A cereal producer finds that when Eli
Q106: The difference between what a productive resource
Q107: If the price of land is zero,
A)
Q109: If, in response to a growing demand
Q110: If there are cost differences in transporting
Q111: If the supply price of land is
Q112: The difference between the market price of
Q113: Suppose acre A is located at the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents